--- title: "Meaning & Key Takeaway of: I think everybody benefitted from what I…" description: "\"I think everybody benefitted from what I am calling a bubble finance system, a bubble economy and if we're ever going to right the system, we're going ..." image: "https://sms4smile.com/quotes/i/133/david-stockman-22367_bubbles_i-think-everybody-benefitted-from-what-i_2332791.jpg" --- # I think everybody benefitted from what I am calling a… ![“I think everybody benefitted from what I am calling a bubble finance system, a bubble economy and if we're ever going to right the system, we're going to have to stop this explosion of the federal debt. We need huge spending cuts, OK? Don't get me wrong, we need to raise regular taxes too but even…” quote by David Stockman](https://sms4smile.com/quotes/i/133/david-stockman-22367_bubbles_i-think-everybody-benefitted-from-what-i_2332791.jpg) [Download](https://sms4smile.com/quotes/i/133/david-stockman-22367_bubbles_i-think-everybody-benefitted-from-what-i_2332791.jpg) [Open image](https://sms4smile.com/quotes/i/133/david-stockman-22367_bubbles_i-think-everybody-benefitted-from-what-i_2332791.jpg) > “I think everybody benefitted from what I am calling a bubble finance system, a bubble economy and if we're ever going to right the system, we're going to have to stop this explosion of the federal debt. We need huge spending cuts, OK? Don't get me wrong, we need to raise regular taxes too but even beyond that it's not going to hurt if we want to reset the system to ask those who have benefitted disproportionately - remember, we got $60 trillion of net worth in the household sector. $45 trillion of that belongs to the top 5 percent.” [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. He argues that the economy is inflated by debt and wealth concentration, urging massive spending cuts and tax reforms to reset the system. **In simple terms:** Debt and inequality fuel a fragile economy; big cuts and taxes needed to fix it. Key Takeaway Implement fiscal restraint and fair taxation. Themes economics inequality public policy debt wealth distribution Mood concerned urgent Type political economic When to use this quote - Budget planning - policy advocacy - public debate - financial education Key Concepts Fiscal austerity progressive taxation wealth redistribution Questions to Reflect On - How can we balance debt reduction with economic growth? - What political obstacles exist to such reforms? A Different Perspective Large cuts may trigger recession and political resistance. ★ ★ ★ ★ ★ No ratings yet [Benefitted Disproportionately](https://sms4smile.com/quotes/about/benefitted-disproportionately-5616958/) [Bubble Economy](https://sms4smile.com/quotes/about/bubble-economy-5365499/) [Bubble Finance](https://sms4smile.com/quotes/about/bubble-finance-656864/) [Bubbles](https://sms4smile.com/quotes/about/bubbles/) [Cutting](https://sms4smile.com/quotes/about/cutting/) [Economy](https://sms4smile.com/quotes/about/economy/) [Federal Debt](https://sms4smile.com/quotes/about/federal-debt-273994/) [Finance](https://sms4smile.com/quotes/about/finance/) [Finance Bubble](https://sms4smile.com/quotes/about/finance-bubble-5616957/) [Hurt](https://sms4smile.com/quotes/about/hurt/) [Money](https://sms4smile.com/quotes/about/money/) [Net worth](https://sms4smile.com/quotes/about/net-worth/) [Remember](https://sms4smile.com/quotes/about/remember/) [Taxes](https://sms4smile.com/quotes/about/taxes/) [Thinking](https://sms4smile.com/quotes/about/thinking/) ## Related quotes > [The problem is that you're creating a system of bubble finance where interest rates are so low that people can speculate. An asset value…](https://sms4smile.com/quotes/david-stockman/the-problem-is-that-you-re-creating-a-system-of-bubble-finance-where/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [We need a wealth tax that on a one-time basis is going to take back at least some small fraction of the great windfall…](https://sms4smile.com/quotes/david-stockman/we-need-a-wealth-tax-that-on-a-one-time-basis-is-going-to-take-back/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [I think we're so addicted to bubble finance at the Fed that they can't get out of the corner they painted themselves into. I…](https://sms4smile.com/quotes/david-stockman/i-think-we-re-so-addicted-to-bubble-finance-at-the-fed-that-they-can/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [The downturn following the collapse of Japan's so-called bubble economy of the 1980s was not as severe as the Great Depression.](https://sms4smile.com/quotes/ben-bernanke/the-downturn-following-the-collapse-of-japan-s-so-called-bubble/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [The choice is ours-yours and mine. We can stay with business as usual and preside over a global bubble economy that keeps expanding until…](https://sms4smile.com/quotes/lester-r-brown/the-choice-is-ours-yours-and-mine-we-can-stay-with-business-as-usual/) [Lester R. Brown](https://sms4smile.com/quotes/author/lester-r-brown/) > [The bailout of Fannie Mae is completely off the books. It's going to cost us hundreds of billions of dollars. Yet nobody is placing…](https://sms4smile.com/quotes/leonard-lance/the-bailout-of-fannie-mae-is-completely-off-the-books-it-s-going-to/) [Leonard Lance](https://sms4smile.com/quotes/author/leonard-lance/) > [For Andrew Jackson, politics was very personal. He hated not just the federal debt. He hated debt at all.](https://sms4smile.com/quotes/h-w-brands/for-andrew-jackson-politics-was-very-personal-he-hated-not-just-the/) [H. W. Brands](https://sms4smile.com/quotes/author/h-w-brands/) > [Since there is no orderly way to liquidate the federal debt, we must brace for a payment crisis.](https://sms4smile.com/quotes/hans-f-sennholz/since-there-is-no-orderly-way-to-liquidate-the-federal-debt-we-must/) [Hans F. Sennholz](https://sms4smile.com/quotes/author/hans-f-sennholz/) > [Part of any solution to get our economy going should include steps to free up our small businesses by peeling back unnecessarily burdensome regulations,…](https://sms4smile.com/quotes/sam-graves/part-of-any-solution-to-get-our-economy-going-should-include-steps-to/) [Sam Graves](https://sms4smile.com/quotes/author/sam-graves/) > [From the Left comes the proposition that, given the slow economy, we should defer attending to the problem of mounting obligations - and the…](https://sms4smile.com/quotes/steven-rattner/from-the-left-comes-the-proposition-that-given-the-slow-economy-we/) [Steven Rattner](https://sms4smile.com/quotes/author/steven-rattner/) > [...100% of what is collected is absorbed solely by interest on the Federal Debt...all individual income tax revenues are gone before one nickel is…](https://sms4smile.com/quotes/ronald-reagan/100-of-what-is-collected-is-absorbed-solely-by-interest-on-the/) [Ronald Reagan](https://sms4smile.com/quotes/author/ronald-reagan/) > [The federal debt in this country is principally of Republican design.](https://sms4smile.com/quotes/daniel-keys-moran/the-federal-debt-in-this-country-is-principally-of-republican-design/) [Daniel Keys Moran](https://sms4smile.com/quotes/author/daniel-keys-moran/) > [In 1985, the top five percent of the households - the wealthiest five percent - had net worth of $8 trillion - which is…](https://sms4smile.com/quotes/david-stockman/in-1985-the-top-five-percent-of-the-households-the-wealthiest-five/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [Most wealth is inconspicuous. The man down the street driving the nice car and living in the mansion could easily have greater debt and…](https://sms4smile.com/quotes/loral-langemeier/most-wealth-is-inconspicuous-the-man-down-the-street-driving-the-nice/) [Loral Langemeier](https://sms4smile.com/quotes/author/loral-langemeier/) > [I think the sooner that all of us in society stop accepting any type of bullying or harassment from other people - in spite…](https://sms4smile.com/quotes/jason-priestley/i-think-the-sooner-that-all-of-us-in-society-stop-accepting-any-type/) [Jason Priestley](https://sms4smile.com/quotes/author/jason-priestley/) ## More by David Stockman > [In 1985, the top five percent of the households - the wealthiest five percent - had net worth of $8 trillion - which is…](https://sms4smile.com/quotes/david-stockman/in-1985-the-top-five-percent-of-the-households-the-wealthiest-five/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [I think the stock market is a very dangerous place to be at the present time. In fact, the stock market today is almost…](https://sms4smile.com/quotes/david-stockman/i-think-the-stock-market-is-a-very-dangerous-place-to-be-at-the/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [I don't think that Mitt Romney can legitimately say that he learned anything about how to create jobs in the LBO (leveraged buyout) business.…](https://sms4smile.com/quotes/david-stockman/i-don-t-think-that-mitt-romney-can-legitimately-say-that-he-learned/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [In short, Mr. Ryan’s plan is devoid of credible math or hard policy choices. And it couldn’t pass even if Republicans were to take…](https://sms4smile.com/quotes/david-stockman/in-short-mr-ryan-s-plan-is-devoid-of-credible-math-or-hard-policy/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [The stock market in Japan was half the world market and where has the Japan economy gone since the 1990s? Nowhere. They've been struggling…](https://sms4smile.com/quotes/david-stockman/the-stock-market-in-japan-was-half-the-world-market-and-where-has-the/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [I'm just not going to spend a lot of political capital solving some other guy's problem in 2010.](https://sms4smile.com/quotes/david-stockman/i-m-just-not-going-to-spend-a-lot-of-political-capital-solving-some/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [I think we're so addicted to bubble finance at the Fed that they can't get out of the corner they painted themselves into. I…](https://sms4smile.com/quotes/david-stockman/i-think-we-re-so-addicted-to-bubble-finance-at-the-fed-that-they-can/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [The Ryan plan isn't a budget. It's the last will and testament of the Republican party.](https://sms4smile.com/quotes/david-stockman/the-ryan-plan-isn-t-a-budget-it-s-the-last-will-and-testament-of-the/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [The problem is that you're creating a system of bubble finance where interest rates are so low that people can speculate. An asset value…](https://sms4smile.com/quotes/david-stockman/the-problem-is-that-you-re-creating-a-system-of-bubble-finance-where/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [The Republican Party, as much as it pains me to say this, should be ashamed of themselves.](https://sms4smile.com/quotes/david-stockman/the-republican-party-as-much-as-it-pains-me-to-say-this-should-be/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [Bernanke has cultivated this idea that he is a brilliant scholar of The Great Depression, but that’s not true at all.](https://sms4smile.com/quotes/david-stockman/bernanke-has-cultivated-this-idea-that-he-is-a-brilliant-scholar-of/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [Look at what's happening between Main Street and Wall Street. The stock market index is up 136 percent from the bottom. Middle class jobs…](https://sms4smile.com/quotes/david-stockman/look-at-what-s-happening-between-main-street-and-wall-street-the/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [Insanity has infected all the central banks of the world.](https://sms4smile.com/quotes/david-stockman/insanity-has-infected-all-the-central-banks-of-the-world/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [One thing is certain. At some point global investors will lose confidence in our (U.S.) easy dollars and debt-financed prosperity, and then the chickens…](https://sms4smile.com/quotes/david-stockman/one-thing-is-certain-at-some-point-global-investors-will-lose/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [Kemp-Roth was always a Trojan horse to bring down the top rate.](https://sms4smile.com/quotes/david-stockman/kemp-roth-was-always-a-trojan-horse-to-bring-down-the-top-rate/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) [Explore all 27 David Stockman quotes ](https://sms4smile.com/quotes/author/david-stockman/) ## More Bubbles quotes > [Medicine is magical and magical is art, the boy in the bubble, and the baby with the baboon heart.](https://sms4smile.com/quotes/paul-simon/medicine-is-magical-and-magical-is-art-the-boy-in-the-bubble-and-the/) [Paul Simon](https://sms4smile.com/quotes/author/paul-simon/) > [What I do, the teacher of the nagual, is open up the bubble of your luminosity and allow the luminous being to take short…](https://sms4smile.com/quotes/frederick-lenz/what-i-do-the-teacher-of-the-nagual-is-open-up-the-bubble-of-your/) [Frederick Lenz](https://sms4smile.com/quotes/author/frederick-lenz/) > [When (the Reds) won, we loved it because we ran into the locker room and touched all the bats and gloves and got some…](https://sms4smile.com/quotes/ken-griffey-jr-2/when-the-reds-won-we-loved-it-because-we-ran-into-the-locker-room-and/) [Ken Griffey, Jr](https://sms4smile.com/quotes/author/ken-griffey-jr-2/) > [If I had my way, I would build a lethal chamber as big as the Crystal Palace, with a military band playing softly, and…](https://sms4smile.com/quotes/d-h-lawrence/if-i-had-my-way-i-would-build-a-lethal-chamber-as-big-as-the-crystal/) [D. H. Lawrence](https://sms4smile.com/quotes/author/d-h-lawrence/) > [“Forget your troubles! Try these bubbles! You can’t say nope to extraordinary soap!”](https://sms4smile.com/quotes/amber-mcree-turner/forget-your-troubles-try-these-bubbles-you-can-t-say-nope-to/) [Amber McRee Turner](https://sms4smile.com/quotes/author/amber-mcree-turner/) > [In 1985, the top five percent of the households - the wealthiest five percent - had net worth of $8 trillion - which is…](https://sms4smile.com/quotes/david-stockman/in-1985-the-top-five-percent-of-the-households-the-wealthiest-five/) [David Stockman](https://sms4smile.com/quotes/author/david-stockman/) > [Oh honey, You're thirteen. You should be blowing bubbles, not guys.](https://sms4smile.com/quotes/author-name/oh-honey-you-re-thirteen-you-should-be-blowing-bubbles-not-guys/) [Author Name](https://sms4smile.com/quotes/author/author-name/) > [I think we have a bubble in the US in government bonds, because of the quantitative easing and the negative real interest rates, and…](https://sms4smile.com/quotes/peter-thiel/i-think-we-have-a-bubble-in-the-us-in-government-bonds-because-of-the/) [Peter Thiel](https://sms4smile.com/quotes/author/peter-thiel/) > [This tennis world, this tennis community, is very much a bubble, and it's very easy to get lost in here. You know, there is…](https://sms4smile.com/quotes/johanna-konta/this-tennis-world-this-tennis-community-is-very-much-a-bubble-and-it/) [Johanna Konta](https://sms4smile.com/quotes/author/johanna-konta/) > [We thought we completely understood bubbles when we were kids. But we didn't. Bubbles are these amazing things. It's just that people aren't paying…](https://sms4smile.com/quotes/tom-noddy/we-thought-we-completely-understood-bubbles-when-we-were-kids-but-we/) [Tom Noddy](https://sms4smile.com/quotes/author/tom-noddy/) > [Titles are tinsel, power a corrupter, glorya bubble, and excessive wealth a libel on its possessor.](https://sms4smile.com/quotes/percy-bysshe-shelley/titles-are-tinsel-power-a-corrupter-glorya-bubble-and-excessive/) [Percy Bysshe Shelley](https://sms4smile.com/quotes/author/percy-bysshe-shelley/) > [I don't even know what that means. People who get credit have to get it from somewhere. Does a credit bubble mean that people…](https://sms4smile.com/quotes/eugene-fama/i-don-t-even-know-what-that-means-people-who-get-credit-have-to-get/) [Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/) > [And people who do not know the Lord ask why in the world we waste our lives as missionaries. They forget that they too…](https://sms4smile.com/quotes/nate-saint/and-people-who-do-not-know-the-lord-ask-why-in-the-world-we-waste-our/) [Nate Saint](https://sms4smile.com/quotes/author/nate-saint/) > [Where the wave of moonlight glosses The dim gray sands with light, Far off by furthest Rosses We foot it all the night, Weaving…](https://sms4smile.com/quotes/william-butler-yeats/where-the-wave-of-moonlight-glosses-the-dim-gray-sands-with-light-far/) [William Butler Yeats](https://sms4smile.com/quotes/author/william-butler-yeats/) > [“That’s my darling little doggie. Bubbles by name, bubbles for brains. You’ve got to love him.”](https://sms4smile.com/quotes/j-l-merrow/that-s-my-darling-little-doggie-bubbles-by-name-bubbles-for-brains/) [J.L. Merrow](https://sms4smile.com/quotes/author/j-l-merrow/) [Browse all 821 Bubbles quotes ](https://sms4smile.com/quotes/about/bubbles/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "I think everybody benefitted from what I am calling a bubble finance system, a bubble economy and if we're ever going to right the system, we're going to have to stop this explosion of the federal debt. We need huge spending cuts, OK? Don't get me wrong, we need to raise regular taxes too but even beyond that it's not going to hurt if we want to reset the system to ask those who have benefitted disproportionately - remember, we got $60 trillion of net worth in the household sector. $45 trillion of that belongs to the top 5 percent.", "creator": { "@type": "Person", "name": "David Stockman" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/david-stockman/i-think-everybody-benefitted-from-what-i-am-calling-a-bubble-finance/", "about": { "@type": "Thing", "name": "Bubbles" }, "@id": "https://sms4smile.com/quotes/david-stockman/i-think-everybody-benefitted-from-what-i-am-calling-a-bubble-finance/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/133/david-stockman-22367_bubbles_i-think-everybody-benefitted-from-what-i_2332791.jpg", "contentUrl": "https://sms4smile.com/quotes/i/133/david-stockman-22367_bubbles_i-think-everybody-benefitted-from-what-i_2332791.jpg", "url": "https://sms4smile.com/quotes/i/133/david-stockman-22367_bubbles_i-think-everybody-benefitted-from-what-i_2332791.jpg", "width": 1080, "height": 1080, "caption": "“I think everybody benefitted from what I am calling a bubble finance system, a bubble economy and if we're…” — David Stockman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "David Stockman", "item": "https://sms4smile.com/quotes/author/david-stockman/" }, { "@type": "ListItem", "position": 4, "name": "I think everybody benefitted from what...", "item": "https://sms4smile.com/quotes/david-stockman/i-think-everybody-benefitted-from-what-i-am-calling-a-bubble-finance/" } ], "@id": "https://sms4smile.com/quotes/david-stockman/i-think-everybody-benefitted-from-what-i-am-calling-a-bubble-finance/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```